USDA’s Risk Management Agency is authorizing Approved Insurance Providers to extend deadlines for producers.
The extension includes premium and administrative fee payments, deferring and waiving the resulting interest accrual and other flexibilities to help farmers and ranchers through widespread drought.
Producers now have additional time to pay premium and administrative fees, and interest will be waived for 60 days or the termination date on the policy, whichever comes first.
RMA also authorized AIPs to waive interest for an additional 60 days for Written Payment Agreements due between August 1st and September 30th.
RMA Acting Administrator Richard Flournoy states, “Farmers and ranchers are weathering tough drought conditions this year, and we want to help ease the burden by extending payment deadlines and deferring interest accrual.”
Additionally, RMA updated policy in June to allow producers with crop insurance to hay, graze or chop cover crops at any time and still receive 100 percent of the prevented planting payment.